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Bond Market News

Fantasia Reveals $4bn Offshore Restructuring Details with Debt-to-Shares Swap

Fantasia Holdings released details of its offshore-debt restructuring proposal, more than a year after its default in October 2021, as per an HKEX filing. The details include swapping $1.3bn of offshore borrowings into shares and extending some of its bonds’ maturities anywhere between two years to as long as 6.5 years. It said that the two-year period is essential for successful delivery of the various construction projects. Creditors will receive 8 new offshore bonds maturing from December 2024 to June 2029. The new notes will have a coupon ranging from 5-8%, following initial pay-in-kind periods. Fantasia had $4bn in dollar bonds due as of November 2022.

Fantasia’s dollar bonds were trading flat at 11-13 cents on the dollar.

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